statement of cash flows_06Jan

1.) Prepare a statement of cash flows using the indirect method for the year ending December 31, 2011.

Balance Sheet

2011

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2010

Cash

$ 18,000

$25,000

Supplies

10,000

12,000

Accounts receivable (net)

31,000

35,000

Inventory

51,000

52,000

Prepaid expenses

9,000

3,000

Buildings, and equipment

400,000

360,000

Less: accumulated depreciation

(100,000)

(75,000)

Total assets

$419,000

$412,000

Accounts payable

$18,000

$13,000

Accrued expenses

10,000

8,500

Note payable, Short Term

20,000

60,000

Note payable, Long Term

20,000

15,500

Capital stock

296,000

280,000

Retained earnings

55,000

35,000

Total liabilities and equities

$419,000

$412,000

Additional data:

One piece of equipment was purchased during the year.

Short term debt was repaid while long term debt was issued.

Dividends were paid during the year.

A condensed income statement for the year is as follows:

Sales

470,000

Cost of goods sold

220,000

Gross profit

250,000

Depreciation expense

25,000

Operating expenses, other

138,000

Operating income

87,000

Interest Expense

(2,000)

Net income

85,000

 

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